Based on information received from the Investigation Wings\u00a0 the notice was issued for reopening\u00a0 of\u00a0 assessment. On Writ the notice of reassessment was challenged. Dismissing the petition the Court held that since the assumption of jurisdiction on the part of the Assessing Officer to reopen the assessment under section\u00a0147\u00a0was based on fresh information specific and reliable and otherwise sustainable under the law, the challenge to the reassessment proceedings could not be entertained. Mere production of the books of account or documents with the return of income was not full and true disclosure of all material facts, more particularly when it was subsequently found, on the basis of credible information and tangible material that the assessee was the beneficiary of accommodation entries provided by the parties in respect of whom search was conducted who were entry providers. Before the issuance of the notice under section\u00a0148\u00a0for reopening the assessment under section\u00a0147, the assessee was issued notice under section\u00a0133(6)\u00a0which required it to furnish evidence to prove the genuineness of the transactions mentioned therein, but the assessee chose not to respond to the notice. The petition was devoid of merit. (AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Survey-Search-Failure to disclose material facts-Information from Investigation wings-Bogus accommodation entries-Reassessment notice was held to be justified. [S. 132, 133(6), 147, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-23531","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-67x","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=23531"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23531\/revisions"}],"predecessor-version":[{"id":24755,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23531\/revisions\/24755"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=23531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=23531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=23531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}